VENDOR ONBOARDING

BEST PRACTICES CHECKLIST

DUE DILIGENCE
KNOW THE RULES	List and understand all internal, local, and global legal and compliance issues that apply to your business.
EDUCATE YOURSELF	Read or take a class on the technical challenges of supplier onboarding in your particular business.
PREQUALIFY	Reduce risk and fraud at the start with vendor prequalification. Carefully vet candidates based on their track record, willingness, and ability to meet your vendor criteria.
CONTRACT CAREFULLY	You may need different contracts for different types of vendors, and you may need to develop additional governance for strategically important suppliers.
SECURE INFORMATION	At all stages, from planning to final payment, take steps to protect your financial resources and business intelligence by using the latest, most reliable security software.
PLANNING
GET BUY-IN FROM LEADERSHIP	The institution and support of top management flow through the organization and drive success.
CREATE A TEAM	Assign a point person and develop an internal staffing plan.
THINK STRATEGICALLY	Design from the viewpoint of global consistency and a 360 perspective that aligns with your business and financial goals, so other systems and processes benefit.
ATTRACT THE RIGHT VENDORS	Learn how to attract and identify the right suppliers, and prioritize suppliers by their value to your business. Then, onboard them in that order.
PUT YOUR PROCESS IN WRITING	Gather critical information, create a policy and approval method, and prioritize which processes to implement.
BE ORGANIZED	Create a thorough and complete vendor and supplier list, including all the contact information and documentation.
TRACK DATA AND SPEND ANALYTICS	Tracking data is invaluable in understanding where you can make improvements.
TRAINING AND COMMUNICATION
IMPLEMENT INTERNAL TRAINING	Ensure that team members thoroughly understand your process and the associated software.
KEEP TEAM MEMBERS AND VENDORS IN THE KNOW	Set timelines and provide access to relevant, complete, and validated data, so your team can manage and deliver a plan. Share information with your vendors and manage expectations.
TRAIN YOUR VENDORS	Train suppliers on your platform and provide them with tips to enable success.
FLEXIBILITY
LET CONTINUOUS IMPROVEMENT BE YOUR GUIDE	Stay flexible and modify processes as you learn what works and what doesn’t.

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